Re­solve to fur­ther open up

China Daily (Hong Kong) - - COMMENT - — XINHUA NEWS AGENCY

Pres­i­dent Xi Jin­ping vowed to im­prove the in­vest­ment and mar­ket en­vi­ron­ment, and quicken the pace of the coun­try’s open­ing up at a key meet­ing on eco­nomic and fi­nan­cial re­form in Bei­jing on Mon­day, demon­strat­ing the stead­fast de­ter­mi­na­tion of the coun­try’s lead­ers to con­tinue ad­vanc­ing re­forms and open­ing up.

Nearly 40 years af­ter China first im­ple­mented its open­ing-up pol­icy, which fa­cil­i­tated its re­mark­able eco­nomic de­vel­op­ment and so­cial progress, the coun­try now stands at a new start­ing point for fur­ther open­ing up.

To up­grade its in­dus­try and trans­form its de­vel­op­ment model, China can­not af­ford to ig­nore the in­dis­pen­si­ble roles for­eign cap­i­tal and ad­vanced tech­nol­ogy have played in rais­ing China’s over­all de­vel­op­ment level over the past decades.

China needs to amend its laws and rules on the en­try and ad­min­is­tra­tion of for­eign in­vest­ment and ven­tures as soon as pos­si­ble. The au­thor­i­ties need to grant na­tional treat­ment to them, so as to en­sure fair com­pe­ti­tion be­tween Chi­nese and for­eign com­pa­nies.

Without a fair, trans­par­ent and well-reg­u­lated in­vest­ment and busi­ness en­vi­ron­ment, it will be im­pos­si­ble to make good use of for­eign in­vest­ment and boost tech­no­log­i­cal in­no­va­tion.

The gov­ern­ment must put an end to the ar­bi­trary fees and fines im­posed on en­ter­prises. To pro­tect their in­ter­ests, it should draw up a list of rea­son­able fees and pre­vent var­i­ous lev­els of ad­min­is­tra­tive power from in­ter­ven­ing in the op­er­a­tion of the mar­ket.

Con­tin­u­ing the open­ing-up pol­icy that has stood the coun­try in such good stead leaves the gov­ern­ment no choice but to com­mit it­self to the ar­du­ous chal­lenge of in­sti­tu­tional re­form.

For in­stance, fur­ther­ing the fi­nan­cial sec­tor’s open­ing up en­tails a mar­ket-based ren­minbi ex­change rate mech­a­nism, as well as re­form of the re­lated su­per­vi­sory sys­tem.

His­tory has shown China’s de­vel­op­ment not only serves it­self, but also pro­vides the world with op­por­tu­ni­ties, and that China is not only a ben­e­fi­ciary of eco­nomic glob­al­iza­tion, but more im­por­tantly, a con­trib­u­tor to the process.

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